According to reports, Thailand’s security regulator is expecting the approval of five initial coin offerings (ICOs) later this month.
According to the Bangkok Post on Wednesday, the Thailand Securities and Exchange Commission (SEC) has said that, while 50 ICOs in the country are currently applying for regulatory approval, five of them are already in a position to move ahead.
Based on recent Bangkok Post, the Thailand Securities Exchange Commision (SEC) confirmed that five out of 50 ICOs in the country who applied for regulatory approval are now ready to move ahead. However, the token sales will have to wait until the end of June when the legal effectivity of the Royal Decree on Cryptocurrency becomes formal.
Thawatchai Kiatkwankul, director of the SEC’s corporate finance division, said the projects need to have commercial value and should go through series of inspections before they can be considered for registration, as it remains unclear why these ICO projects are likely to win approval,
If the registration becomes successful, it will mark Thailand as one of the first nations to implement ICOs operations legally in a regulated environment. Other countries like Bermuda and Russia are also putting efforts in introducing frameworks that would allow approved ICO projects in their respective areas.
The report states that the royal decree was initially announced on May 15 which is expected to undergo public hearings and legislative debates.
Moreover, the report also stated that ICO projects should be coordinating with the financial legislators to receive approvals before starting a token sale. This once approved will require a 300,000 baht (approximately 9,000usd) bond from individual retail investors.
Other industry players such as exchanges, brokers, and dealers that are involved in cryptocurrency transactions are also required to register with the SEC within 90 days of the law’s effectivity, the report said.